GoldStone Resources has extended the completion timetable for a £3.516 million strategic investment by Persistence Gold Group, while keeping all commercial terms of the proposed transaction unchanged.
The AIM-listed company, trading under GRL, confirmed that the amendments relate only to administrative arrangements associated with the investment. Under the agreement, Persistence Gold Group will subscribe for 351,594,899 new ordinary shares at 1.0 pence per share, generating gross proceeds of £3.516 million.
Strategic investor to acquire 20.96% shareholding
Following completion of the subscription, Persistence Gold Group is expected to own 20.96% of GoldStone’s enlarged share capital. The agreement also grants the investor the right to nominate one non-executive director to GoldStone’s board.
The companies have extended the transaction’s long-stop date from 20 July 2026 to 23 July 2026. Admission of the newly issued shares to trading is now expected to take place on or around 23 July 2026.
Funding allocated to Homase gold mine development
The proceeds from the investment are intended to support further development of the Homase gold mine in Ghana. GoldStone plans to use the capital for drilling, resource expansion, mine planning and general working capital. The Homase project currently hosts a reported mineral resource of 602,000 ounces of gold at an average grade of 1.77 grams per tonne.
Capital raising increases liquidity through major share issuance
The financing is expected to strengthen GoldStone’s liquidity through the injection of new capital. Completion of the transaction will involve the issuance of 351,594,899 new shares, resulting in a significant increase in the company’s issued share capital. The investment provides GoldStone with funding for advancing the Homase project while establishing Persistence Gold Group as a strategic shareholder with board representation rights.
The revised completion timetable does not alter the commercial terms of the subscription, with receipt of the investment proceeds and admission of the new shares remaining the outstanding steps before the transaction becomes effective.
